| 1. |
- Chakravarty, Satyaki, et al.
(författare)
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Patents' time to grant - A study of China and India
- 2018
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Ingår i: ASIA-PACIFIC INNOVATION CONFERENCE, DELHI SCHOOL OF ECONOMICS, INDIA, DECEMBER 13-14, 2018.
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Konferensbidrag (refereegranskat)abstract
- China and India reported highest growth in high-tech exports for the past two decades (World Bank) and hence are increasingly becoming the countries to file for protection of intellectual property. This paper examines whether there is a delay in time to grant of a patent when applied by domestic versus foreign applicants in China and India. A delay in time to grant on the basis of nationality violates the TRIPs agreement. Further, delay in grant of a patent generates dead-weight loss for the society, hence effectively deterring future innovation. The results show that China delays foreign patents, however India does exactly the opposite, indicating that there is a significant variation in patent examination times across applicant characteristics, technology fields and countries. Thus invisible trade barriers do exist in these markets. Applicants can use the details in this paper and plan their filing strategies, e.g. taking into account average grant lag.
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| 2. |
- Fang, Dawei, 1983, et al.
(författare)
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Meeting new peers: The effects of Morningstar category reassignment on fund flows and star ratings
- 2021
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Ingår i: International Review of Financial Analysis. - : Elsevier BV. - 1057-5219. ; 77
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Tidskriftsartikel (refereegranskat)abstract
- We investigate how the reassignment of a fund's Morningstar category affects fund flow and Morningstar star rating. We find that funds assigned to a different category gain positive abnormal flows and this effect is significant mainly for high-rated funds. Category reassignment does not improve a fund's star rating on average, and flows are less responsive to a star-rating change if the rating change is likely to be driven by category reassignment. The positive abnormal flows captured by high-rated funds after category reassignment are consistent with a visibility story: some investors filter funds by Morningstar category and star rating, and category reassignment makes a fund more visible to a new group of investors if the fund is highly rated. In contrast, a low-rated fund is likely to be selected only by investors who do not refer to the fund's Morningstar information and, hence, gains little visibility from category reassignment. We also find evidence that more sophisticated investors are more likely to consider not only fund rating but also fund category when evaluating fund performance.
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| 3. |
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| 4. |
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| 5. |
- Hamberg, Mattias, et al.
(författare)
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Investment allocation decisions, home bias and the mandatory IFRS adoption
- 2013
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Ingår i: Journal of International Money and Finance. - : Elsevier BV. - 0261-5606 .- 1873-0639. ; 36, s. 107-130
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Tidskriftsartikel (refereegranskat)abstract
- We examine the familiarity hypothesis of home bias by studying how foreign ownership of Swedish firms is affected by the mandatory adoption of IFRS. We decompose foreign investors into institutional and non-institutional investors. Foreign investors are further decomposed into EU (IFRS adopting countries) and non-EU residents (non-IFRS adopting countries). We analyse the equity investments of these foreign investor groups in Sweden during the period of 2001–2007. We find that after the mandatory adoption of IFRS, foreign ownership/owners from countries that adopted IFRS and particularly those from the EU increased. These effects are particularly strong in small firms. Foreign institutional investors increased their ownership stake after the mandatory IFRS adoption, whereas foreign non-institutional investments were not affected significantly by the IFRS adoption. In contrast to ownership from non-adopting countries, ownership from the EU increased in firms with both more and less tangible assets. Similarly, foreign ownership from the EU increased in firms with both concentrated ownership and dispersed ownership after the adoption. Because Sweden has already had strict legal enforcement and a low level of earnings management prior to the adoption, our results suggest that increased foreign ownership is due to better abilities to compare firms rather than an improved quality.
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| 6. |
- Homroy, Swarnodeep, et al.
(författare)
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ESG-Linked Compensation, CEO Skills, and Shareholder Welfare
- 2023
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Ingår i: The Review of Corporate Finance Studies. - 2046-9128. ; 12:4, s. 939-985
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Tidskriftsartikel (refereegranskat)abstract
- Executive compensation is increasingly being linked to ESG outcomes. This paper examines whether ESG targets are consistent with shareholder welfare. Using granular information on compensation contracts of Swedish CEOs, we show that ESG and financial targets are competing. ESG-linked compensation is 5 percentage points more common in well-governed firms and 6.3 percentage points more likely for CEOs with broader skill sets (generalist CEOs). ESG scores of well-governed firms improve when generalist CEOs have ESG-linked pay, but there is no effect on profitability. These results suggest that boards set ESG contracts because shareholders derive utility from ESG in addition to wealth, and ESG may not be produced without these incentives.
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| 7. |
- Homroy, Swarnodeep, et al.
(författare)
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ESG-Linked Executive Compensation and Managerial Talent
- 2022
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Ingår i: Review of Corporate Finance Studies Winter Conference 2022.
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Konferensbidrag (refereegranskat)abstract
- Stakeholders are increasingly concerned with the social and environmental impacts of modern corporations. These concerns have led to directly incentivizing CEOs by making their pay contingent on ESG outcomes. In this paper, we propose to examine the implications of ESG-linked pay on the CEO labour market. The key hypothesis is that the integration of ESG-linked targets increases the complexity of the managerial incentive contracts and attracts more talented CEOs to companies that implement such contracts, which , in turn, will improve ESG performance. Insofar as firms are able to charge higher price through market segmentation, better ESG outcomes can improve financial performance. Combining several administrative data from Swedish firms, we propose to empirically test these hypotheses. Novel data on environmental misdemeanor charges against peer-group firms will be used to account for endogenous association of ESG-linked pay and ESG performance.
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| 8. |
- Lindblom, Ted, 1956, et al.
(författare)
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East or West, Home Is Best: The Birthplace Bias of Individual Investors
- 2018
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Ingår i: Journal of Banking & Finance. - : Elsevier BV. - 0378-4266. ; 92:July 2018, s. 323-339
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Tidskriftsartikel (refereegranskat)abstract
- We introduce the concept of “birthplace bias” to examine the extent to which individual investors’ local bias is explained by their place of birth. In addition, we conduct a counterfactual analysis in order to compare their biases before and after they move to a new place. We find that the place of birth is an important determinant in the portfolio choice of the average individual investor in particularly urban areas. We also find that individual investors who move back to their birthplace (home-comers) tend to increase their local bias over time more than other movers. While diversification is profitable regardless of portfolio distortion, the less diversified individual investors do on average neither gain nor lose relative to the market from being birthplace and/or locally biased. This implies rationality; individual investors seem to choose proximate stocks whenever they face equal or nearly equal costs just out of pure “indisputable preferences.”
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| 9. |
- Lindblom, Ted, 1956, et al.
(författare)
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Individual Investors’ Portfolio Choice and Birthplace Bias
- 2012
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Ingår i: SSRN. - : Elsevier BV.
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Forskningsöversikt (refereegranskat)abstract
- This paper examines whether the geographical proximity bias of individual investors stems from information asymmetry or behavioral factors. We introduce the concept of ‘Birthplace Bias’ and find that the proximity bias is strongest for investors that have never moved away from the area they were born. It is stronger the longer the investor has lived in the same geographical area. However, neither local bias nor birthplace bias appears to pay off in terms of abnormal portfolio return. This has policy implications for the confidence in financial markets as it suggests that Efficient Market Hypothesis holds.
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| 10. |
- Lindblom, Ted, 1956, et al.
(författare)
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Individual Investors’ Portfolio Choice and Birthplace Bias Evidence from portfolios of European investors – the case of Sweden
- 2013
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Ingår i: Mölle 2013, The 15h Annual SNEE European Integration Conference.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Geographical proximity bias of investors is a widely studied phenomenon. In previous research, the main focus has been on the distortion of US portfolios. The empirical evidence from Europe is rather limited. Using Swedish data, this paper examines whether the geographical proximity bias of individual investors stems from information asymmetry or behavioral factors. We introduce the concept of ‘birthplace bias’ and find that the proximity bias is strongest for investors who have never moved away from the area in which they were born. The bias is stronger the longer the investor has lived in the same geographical area. However, neither local bias nor birthplace bias demonstrates an advantage in terms of abnormal portfolio return. This result implies that proximity bias is not driven by information asymmetry, which may have policy implications with regard to the confidence in financial markets.
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